Section 8 Fair Market Rent (FMR) for ZIP 61322 - 2027

Location: Bureau County, IL | Metro: Bureau County, IL

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$720
1 Bedroom	$790
2 Bedrooms	$1,030
3 Bedrooms	$1,280
4 Bedrooms	$1,420
5 Bedrooms	$1,647
6 Bedrooms	$1,845
7 Bedrooms	$1,993
8 Bedrooms	$2,093

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

1,530

Median Household Income

$65,795

Housing Units

625

Renter Percentage

16.0%

Occupancy Rate

88.0%

Renter Occupied

The town located in ZIP code 61322, which is part of the Peoria, IL metro area, offers a stable rental market for Section 8 housing. The Fair Market Rent (FMR) and average market rent provide key insights into the rental dynamics, while the median income gives a sense of the financial health of potential tenants.

The Fair Market Rent (FMR) for the Peoria, IL metro area for fiscal year 2026 is set at $1,130, indicating the maximum amount that landlords can charge for Section 8 units without exceeding HUD guidelines.
The average market rent reported by the Census Bureau's American Community Survey (ACS) is $831, suggesting that landlords participating in the Section 8 program can expect to receive a higher rent compared to the general market.
The median home value data is not available for ZIP 61322, which might imply a predominantly rental market or a lack of recent sales data.
Renters make up 16.0% of the population in this area, showing a moderate demand for rental properties but also highlighting the importance of understanding the local housing landscape.
The median income in ZIP 61322 is $65,795, providing landlords with assurance that tenants will have the financial stability to meet their rental obligations.
The Days on Market (DOM) data is not available, which could indicate either a robust rental market where properties are quickly leased or a lack of sufficient data to provide an accurate snapshot of the leasing process.

In summary, ZIP 61322 presents a viable opportunity for landlords and small-portfolio investors interested in the Section 8 program. With a Fair Market Rent of $1,130 surpassing the average market rent of $831, there is a clear advantage for those willing to participate in the program. The median income figure of $65,795 supports the likelihood of reliable tenants. However, the absence of median home value and DOM data suggests a need for further investigation into the specifics of the local real estate market before making investment decisions.

Data Sources: FMR data from HUD (2027). Demographics from U.S. Census (2024).

About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.